CCI approves Atlas 2022 Holdings' move to increase stake in Vodafone
New Delhi: The Competition Commission of India (CCI) has given the go-ahead for Atlas 2022 Holdings Limited to raise its ownership in Vodafone from 14.6% to just below 25%.
The approved plan involves Atlas increasing its stake in Vodafone from 14.6% to less than 25% through a series of transactions.
Atlas was incorporated on 24th February 2022, in the Cayman Islands, a company owned by Emirates Telecommunications Group Company PJSC (e&), and it was created to acquire and hold an existing 14.6% stake in Vodafone.
Emirates Telecommunications Group Company PJSC is a telecommunications company based in Abu Dhabi, United Arab Emirates, and it operates in several countries across the Middle East, Asia, and Africa.
Neither Atlas nor Emirates Telecommunications Group Company PJSC has any physical presence in India.
Further, Emirates Telecommunications Group Company PJSC doesn't have subsidiaries in India or a license to operate as a mobile network operator there.
Vodafone, headquartered in Newbury, England, is a British telecom operator providing mobile and fixed-line services.
In India, Vodafone operates through Vodafone Idea Limited (VI India) and its subsidiaries.
VI India offers mobile telephony, broadband, content and digital services in partnership with various apps and content creators.
IBNS
Senior Staff Reporter at Northeast Herald, covering news from Tripura and Northeast India.
Related Articles
CRR cut, AI ethics push, and SORR benchmark: Experts hail RBI’s pragmatic policy moves
Mumbai: The Reserve Bank of India (RBI) has kept the repo rate unchanged at 6.5% while the cash reserve ratio (CRR) has been slashed by 50 basis points to 4 percent, media reports said.
JP Morgan gives 'overweight' rating to Adani Group bonds
Mumbai: US investment bank JP Morgan has assigned an 'overweight' rating to four bonds issued by the Adani Group, citing the group's capacity to scale and grow through internal cash flows, which reduces the likelihood of credit stress.
LG Electronics files DRPH with SEBI; IPO size expected to be over RS 15,000 cr
Mumbai: South Korean electronics giant LG Electronics has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) on Friday for the proposed public listing of its Indian business, according to a notification on the Bombay Stock Exchange (BSE).
De-dollarisation not on India's agenda; derisking domestic trade is: RBI Governor Shaktikanta Das
Mumbai: India has not initiated any steps towards de-dollarisation and is solely focused on mitigating risks to domestic trade from geopolitical uncertainties, Reserve Bank of India (RBI) Governor Shaktikanta Das clarified on Friday, media reports said.
Latest News
Pakistan: Blast close to Quetta’s FC headquarters leaves 10 dead
Baloch American Congress asks Trump to support fight for Balochistan's cause
Yash Raj Films launches YRF Script Cell seeking new writers for Hindi cinema and creative collaboration
Pakistan 'successfully' conducts Fatah-4 missile test amid heightened tensions with India
